JACCS CO., LTD. Fitch Ratings Indonesia has published the National Long-Term Rating of 'AA(idn)' on PT JACCS Mitra Pinasthika Mustika Finance Indonesia's (JACCS MPMF, AA(idn)/Stable) third tranche of bonds issued under its first bond programme.
The bonds consist of the following:
Series A:
Series B:
'AA' National Long-Term Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherently differs only slightly from that of the country's highest-rated issuers or obligations.
Key Rating Drivers
The bonds are rated at the same level as JACCS MPMF's National Long-Term Rating, in line with Fitch's criteria, as the bonds represent the company's direct, senior obligations and rank equally with all its other senior obligations.
The bonds are 75% secured against the company's receivables, but we do not view this as providing credit enhancement under our criteria for entities in
JACCS MPMF's National Long-Term Rating is derived from our expectation of extraordinary support from its parent,
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
Negative action on JACCS MPMF's National Long-Term Rating would lead to similar action on the ratings on its bonds.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
An upgrade of JACCS MPMF's National Long-Term Rating would result in corresponding action on the bond ratings.
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
JACCS MPMF's ratings are based on Fitch's expectation of extraordinary support from its materially stronger shareholder, JACCS, in times of need.
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